Dallas, Feb. 08, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global ethylene market is expected to grow from USD 81.34 Billion in 2020 to USD 161.61 Billion by 2028 at a CAGR of 8.3% during the forecast period 2021-2028.
Using coal as the feedstock to produce ethylene and the rising demand for ethylene products from the construction industry are some of the factors fuelling the ethylene market.
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Ethylene in pure form is a colourless, flammable gas with a slightly sweet and musky odour. It is derived from natural gas and petroleum. Ethylene is the first identified plant hormone, responsible for regulating numerous process in plant growth, development and trigger accordingly to biotic and abiotic stress. Ethylene is broadly used in the chemical industry as well as feedstock. Ethylene is mostly used as a feedstock in the manufacturing of different chemical compounds including ethylene oxide, ethylene benzene, polyethylene, vinyl acetate, and alpha-olefins, which are used in the industrial applications such as agrochemicals, automotive, packaging, detergents & soaps, and construction & textiles. The surge in demand for ethylene derivatives in packaging is the key factor driving the growth of the ethylene market. The soaring demand for ethylene products from the construction industry is another factor driving the growth of this market. However, fluctuating prices of crude oil which is essential for the production of ethylene and its derivate, as well as the strict government regulations regarding the production of ethylene, are the main restraining factor of the ethylene market.
The volatile prices of crude oil is one of the restraining forces. The fluctuating prices of crude oil, which is essential for the production of ethylene and its derivate are the major restraint for the market as this affects the production of ethylene and its derivatives. So fluctuating prices of crude oil are restraining the market.
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Key players in the global Ethylene market include Saudi Basic Industries Corp, Exxon Mobil Corporation, Dow DuPont Inc., Royal Dutch Shell plc, China Petroleum & Chemical Corporation, Chevron Phillips Chemical Company LLC, LyondellBasell Industries N.V., The National Petrochemical Company, BASF SE and Lonza Group among others. To improve their market position in the global Ethylene market, the key players are now concentrating on adopting strategies such as product innovations, mergers & acquisitions etc.
• In 2018, Saudi Basic Industries Corporation (SBIC) and Exxon Mobile had an agreement for joint venture to begin construction of the world’s largest ethylene production plant, estimated at $1.4 billion.
• In July 2019, ExxonMobil started producing on a new high-performance polyethylene line at its Beaumont, Texas polyethylene plant. This has increased the capacity of the plant by 65 per cent or 650,000 tons per year, which has brought site capacity to nearly 1.7 million tons per year.
The naphtha segment is dominating the market with the market value of USD 23.34 Billion in 2020
The feedstock segment is divided into Naphtha, Ethane, Propane, Butane and Others. As of 2020, Naphtha is the leading feedstock segment of the global ethylene market with a market value of USD 23.34 Billion. Ethane is followed by Naptha, which is the largest source of feedstock in most parts of the world. Ethylene is also widely in demand by textile, construction, packaging and plastics market.
The Polyethylene segment is dominating the market with the market value of USD 45.7 Billion in 2020
The application segment includes polyethylene, ethylene oxide, ethyl benzene, ethylene dichloride and others. As of 2020, Polyethylene is the leading application segment of the global ethylene market with a market value of USD 45.7 Billion. Polyethylene is widely used for the consumable products like packaging materials, residential purposes and films and articles for large industrial use. Ethylene Oxides are widely used in end-user segments such as polyester films, PET bottles and fibres.
The Packaging segment is dominating the market with the market value of USD 24.47 Billion in 2020
The end-user segment includes building & construction, automotive, textiles, packaging and agrochemicals. In terms of end-users, the packaging segment held the highest market value of USD 24.47 Billion in 2020. Agrochemicals will be the fastest-growing segments during the forecast period.
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RegionalSegment Analysis of the Ethylene Market
• North America (U.S. , Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the Ethylene market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The Asia Pacific region emerged as the largest market for the Ethylene market, with a market value of 26.42 Billion in 2020. This is due to the rapid industrialization and expansion of end-user industries such as packaging, automotive, construction, agrochemical, textile, and others in the region. Fast-paced industrialization and urbanization in emerging economies coupled with the presence of major agricultural countries in this region have resulted in high demand for polyethylene-based products.There is urbanization and industrialization happening at a rapid pace in the emerging economies in the region like China, India etc. Also, the cheap labour and availability of raw materials in the region are also helping in the spreading of the market in the region. Due to rapid urbanization, the construction industry is very much prospering in the emerging economies. Also, the use of advanced material in the construction of building is driving this market. North America is expected to have the highest CAGR in the forecasting period.
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About the report:
The global ethylenemarket is analysed on the basis of value (USD Billion).All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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